Exhibit 99.1350CERT

         Certification Pursuant to Section 906 of the Sarbanes Oxley Act

      I, Terry K. Glenn, President of Corporate High Yield Fund III, Inc. (the
      "Fund"), certify that:

            1.    The N-CSR of the Fund (the "Report") fully complies with the
                  requirements of Section 13(a) or 15(d) of the Securities
                  Exchange Act of 1934; and

            2.    The information contained in the Report fairly presents, in
                  all material respects, the financial condition and results of
                  operations of the Fund.

      Dated: January 21, 2004


                                             /s/ Terry K. Glenn
                                             ------------------
                                             Terry K. Glenn,
                                             President of
                                             Corporate High Yield Fund III, Inc.

      A signed original of this written statement required by Section 906, or
      other document authenticating, acknowledging, or otherwise adopting the
      signature that appears in typed form within the electronic version of this
      written statement required by Section 906, has been provided to Corporate
      High Yield Fund III, Inc. and will be retained by Corporate High Yield
      Fund III, Inc. and furnished to the Securities and Exchange Commission or
      its staff upon request.



Exhibit 99.1350CERT

         Certification Pursuant to Section 906 of the Sarbanes Oxley Act

      I, Donald C. Burke, Chief Financial Officer of Corporate High Yield Fund
      III, Inc. (the "Fund"), certify that:

            1.    The N-CSR of the Fund (the "Report") fully complies with the
                  requirements of Section 13(a) or 15(d) of the Securities
                  Exchange Act of 1934; and

            2.    The information contained in the Report fairly presents, in
                  all material respects, the financial condition and results of
                  operations of the Fund.

      Dated: January 21, 2004


                                             /s/ Donald C. Burke
                                             -------------------
                                             Donald C. Burke,
                                             Chief Financial Officer of
                                             Corporate High Yield Fund III, Inc.

      A signed original of this written statement required by Section 906, or
      other document authenticating, acknowledging, or otherwise adopting the
      signature that appears in typed form within the electronic version of this
      written statement required by Section 906, has been provided to Corporate
      High Yield Fund III, Inc. and will be retained by Corporate High Yield
      Fund III, Inc. and furnished to the Securities and Exchange Commission or
      its staff upon request.